Overview
- TotalEnergies agreed to sell a 40% interest in PPL 2000 and PPL 2001 to Chevron’s subsidiary Star Deep Water Petroleum, while retaining operatorship.
- The new ownership structure positions TotalEnergies at 40%, Chevron at 40%, and South Atlantic Petroleum at 20%.
- PPL 2000 and PPL 2001 span about 2,000 km² in the West Delta basin and were awarded in Nigeria’s 2024 Exploration Round.
- Completion of the transaction remains subject to customary conditions, including regulatory approvals.
- The deal extends a 2025 offshore exploration partnership that began when TotalEnergies took 25% across 40 Chevron-operated U.S. blocks, as Nigeria continues to court new upstream investment.